It provides the environmental and social objectives and principles guiding the Fund Manager investment activities to ensure environmental and social (“E&S”) performance. Accordingly, the Fund Manager states that:

1. The Fund will not finance any of the activities found on IFC’s Exclusion List.

2. All projects in which the Fund invests will comply with all applicable environmental and social regulations of the host country (ies) in which the projects are located and operate.

3. The Fund will seek to ensure that these same projects are operated in a manner consistent with the IFC’s Performance Standards on Social and Environmental Sustainability, as indicated on the IFC’s Performance Standards on Social and Environmental Sustainability booklet, effective as of January 1st, 2012.

The aforementioned are the guiding principles that will be priority to the Fund Manager’s investment E&S Policy. The following are complementary, but equally important.

4. The Fund will ensure that all projects are reviewed against the Applicable Requirements.

5. Projects will be financed only when they are expected to be designed, built, operated and maintained in a manner consistent with the Applicable Requirements.

6. Best efforts will be made to ensure that all projects are operated in compliance with the Applicable requirements on an ongoing basis, during the currency of the Fund’s financing/investment.

7. The Fund will ensure transparency in its activities.

8. The Fund will seek to ensure that the management and the shareholders of the client companies understand the policy commitments made by the Fund Manager in this area.

9. The Fund will inform, raise the awareness of, and train employees in environmental and social risks.

10. The Fund will continually improve the identification and management of environmental risks in the investments.